FAE September 2014

20 Times 20 Times

lowenstein wrote: »

youve done 50 cases and do you find the indicators start to repeat themselves yet? I can be very demanding I know!!

Yeah same indicators all the time!!!! No need to do anymore!

m1ck007

mark_m360 wrote: »

I would suggest you watch the online sessions and take notes. They are very short so quite manageable and he summarises information well in conjunction with the notes.

I found it well worth the time. After you've done that, it's just about doing the cases.

I did exactly that today but one of the cases was about the benefits of a epos and like i couldnt remember one word about that in the lectures or the notes for imp

lowenstein

thank god, can sleep now thanks.

myshirt

Lads, next Monday Paul Monahan gets the case studies, and has to sign off on them as 'do-able'.

One of the questions they put to him is 'Could students answer this from their notes? Have they seen anything similar to this?'. If he answers yes, they scrap the paper, tear it up, and use the reserve.

In other words, they BUST THEIR BOLLIX to come up with indicators you will never have seen or studied for.

The way it was put to us was:
- If you feel you can answer something from your notes, or
- You feel 'yeah, I've seen something like this before'

then one of two things has happened. They've either got it wrong. Or you are getting it wrong.

mark_m360

m1ck007 wrote: »

I did exactly that today but one of the cases was about the benefits of a epos and like i couldnt remember one word about that in the lectures or the notes for imp

Yeah I did that case the other day and I know what you mean. That's the thing with IMP though, you might not get any indicator on what's in the notes or the book but asked to judge a system related to the particular industry in which the company finds itself in.

The way I try to look at this is:
What industry is the company operating in;
What level of controls would you expect to be in place and/or what has the client stated in the case study that they are worried about;
Think of a real life example and attempt to apply your general knowledge.

I think in that case study, the client had mentioned that they were worried about cash controls and the director was taking money from the tills and inexperienced staff were left on their own to close up etc so if you can pick up these signs and link them together, you can give a reasonable attempt at the indicator. Real life example was thinking of how a bar operates on a night out, how do staff use the epos.. Not manual, some have swipe cards etc etc.

I hope I'm not rambling too much but hopefully you can understand what I mean.

With IMP, you have to relate it back to a real life example, taking into account the concerns laid out in the case study, in an attempt to throw an answer together.

Accountant81

myshirt wrote: »

Lads, next Monday Paul Monahan gets the case studies, and has to sign off on them as 'do-able'.

One of the questions they put to him is 'Could students answer this from their notes? Have they seen anything similar to this?'. If he answers yes, they scrap the paper, tear it up, and use the reserve.

In other words, they BUST THEIR BOLLIX to come up with indicators you will never have seen or studied for.

The way it was put to us was:
- If you feel you can answer something from your notes, or
- You feel 'yeah, I've seen something like this before'

then one of two things has happened. They've either got it wrong. Or you are getting it wrong.

Sorry but I just do not agree with this and think it is scare mongering. 74% of people have consistently passed for the past 3 years and this would not have happened if the above were true.

qwabercd

Debs23 wrote: »

I was wondering the exact same. Finding them quite tough!

They're impossible. Not sure if my level of technical knowledge is adequate but if i try and look at notes none of it ever appears. Internal controls for a specific org and stuff like that, you wonder how you could bloody know that.

Slightly regret not going to lectures (not really though) but I very much regret not going to case days.

when I'm practising case studies,I give them a lash, do an indicator or 2. Then after half an hour I get bored and flick to the solutions. I'd imagine there's a few in the same boat.

Is there any specific case day grinds?

myshirt

Accountant81 wrote: »

Sorry but I just do not agree with this and think it is scare mongering. 74% of people have consistently passed for the past 3 years and this would not have happened if the above were true.

Not scaremongering. Please don't accuse me of it. I'm as every bit in the same boat as you all. That is the way it was put to us, unequivocally.

The thing to take from it is to ensure 100% direct application of knowledge, and not a reliance on sample answers or models you built up.

ASOT2012

myshirt wrote: »

Lads, next Monday Paul Monahan gets the case studies, and has to sign off on them as 'do-able'.

One of the questions they put to him is 'Could students answer this from their notes? Have they seen anything similar to this?'. If he answers yes, they scrap the paper, tear it up, and use the reserve.

In other words, they BUST THEIR BOLLIX to come up with indicators you will never have seen or studied for.

The way it was put to us was:
- If you feel you can answer something from your notes, or
- You feel 'yeah, I've seen something like this before'

then one of two things has happened. They've either got it wrong. Or you are getting it wrong.

And what do they do if the reserve paper has an indicator that was seen before?

myshirt

ASOT2012 wrote: »

And what do they do if the reserve paper has an indicator that was seen before?

Well they are f#cked then!

No, that was my question also. Apparently there are a few reserve papers on lockdown. They did get caught on a 'benefits of websites' indicator that could be answered if you had good notes, but that was the only one Paul gave as an example.

They know the material we have, so they draft on that basis.

Accountant81

myshirt wrote: »

Not scaremongering. Please don't accuse me of it. I'm as every bit in the same boat as you all. That is the way it was put to us, unequivocally.

The thing to take from it is to ensure 100% direct application of knowledge, and not a reliance on sample answers or models you built up.

I agree with you on your point there but I just feel for you to tell people that if they feel they have seen something similar before, then they might be wrong, and people will end up second guessing themselves and will waste time or go off a different route, when it's likely their gut instinct was correct.

Paul has also mentioned (on a couple of occasions) where the board were disappointed by students on certain indicators as very similar indicators were included in the case study pack and they felt there was no excuse for not getting that indicator right. That is another thing we have been told unequivocally. I just don't see it as being quite as straight cut as you detailed above. No offence meant by it, I just dont want anyone panicking unnecessarily.

myshirt

It's a pity we can't contact him to clarify his advices... embargo on contact now.

This FAE is a pain in the arse... but as you said, the pass rate is not too shabby.. so somedays over the next 31 it's gonna be complete despair at how tough a task this is, to the next day thinking sher they can't be that bad if 74% pass.

If we stick with it and persevere, it is gonna come right on the day for over 700 people.

kenner24

Is anyone else considering an alternative career?

20 Times 20 Times

myshirt wrote: »

It's a pity we can't contact him to clarify his advices... embargo on contact now.

This FAE is a pain in the arse... but as you said, the pass rate is not too shabby.. so somedays over the next 31 it's gonna be complete despair at how tough a task this is, to the next day thinking sher they can't be that bad if 74% pass.

If we stick with it and persevere, it is gonna come right on the day for over 700 people.

Just want to point out that of the 1300approx people taking this exam! Roughly 900 will pass!

myshirt

kenner24 wrote: »

Is anyone else considering an alternative career?

Sheep farming in Donegal, or herding goats in Roscommon.

barbie_j

Appreicated if anyone could put up Sean Murray's notes on ISAE 3000/ 3400, ISRE 2400/ 2410, and ISRS 4400/4410. CGS notes are really good, but just want to have a look at the notes from the institute as well.. Many thanks in advance!

Torres999

Devere case, where's the 3200 coming from in calculating the ROCE? Head is fryed so apologies if it's jumping out at me

Edelly

Hey guys,

I'm mixing it up between doing the self study cases that we've been given and the FR cases in the Derry Cotter book as I feel I need to concentrate more on FR Has anyone else found the Derry cotter cases ridiculously tough?! Obviously they are just purely FR but is it just me finding them difficult or are others??

laser08

Edelly wrote: »

Hey guys,

I'm mixing it up between doing the self study cases that we've been given and the FR cases in the Derry Cotter book as I feel I need to concentrate more on FR Has anyone else found the Derry cotter cases ridiculously tough?! Obviously they are just purely FR but is it just me finding them difficult or are others??

Best thing to do with that Derry cotter cases book is to go to the index at the back and study it standard by standard by doing all the questions from one standard at a time. I find that a lot easier than trying a whole case at once and trying to do a load of standards I'm not sure of

Dellboy2007

Little Pea wrote: »

How many cases have people done so far? I've about 50 done at the moment, I don't know if that's good or bad!

51

Edelly

laser08 wrote: »

Best thing to do with that Derry cotter cases book is to go to the index at the back and study it standard by standard by doing all the questions from one standard at a time. I find that a lot easier than trying a whole case at once and trying to do a load of standards I'm not sure of

I never even thought about tackling it that way! Thanks a lot! Seems much do-able that way! His book is excellent but I hope whatever is on the paper(s) isn't half as complicated as some of his cases!!!

Dellboy2007

kenner24 wrote: »

Is anyone else considering an alternative career?

I'm thinking of becoming a professional procasturbator, i.e. Someone who has loads of work but all they can manage is to tear themselves asunder.

PhilipLuke

Dellboy2007 wrote: »

I'm thinking of becoming a professional procasturbator, i.e. Someone who has loads of work but all they can manage is to tear themselves asunder.

Would you get paid much for that? Ud fly those exams lad!!

The Little Fella

Dellboy2007 wrote: »

51

51 and a half

TooLate

Case studies from now til the exams cant handle any more technical stuff..just going to hope for the best

Edelly

TooLate wrote: »

Case studies from now til the exams cant handle any more technical stuff..just going to hope for the best

Totally agree with you here!! Cases cases and more cases!!!

mark_m360

Anybody looking forward to getting their mock results tomorrow?

Debs23

mark_m360 wrote: »

Anybody looking forward to getting their mock results tomorrow?

Ha. they will be embarrassing!

Dellboy2007

mark_m360 wrote: »

Anybody looking forward to getting their mock results tomorrow?

Does anyone know if you get money for placing in the mocks?

myshirt

Dellboy2007 wrote: »

Does anyone know if you get money for placing in the mocks?

Fingers crossed

Dellboy2007

myshirt wrote: »

Fingers crossed

Not on the second go hun. Hard luck xxx

myshirt

Dellboy2007 wrote: »

Not on the second go hun. Hard luck xxx

Keep that quiet, I'm trying to blend in

Bobbysmith

Hey,

I was looking at the cases and solutions in management accounting and finance book today. Does anyone have an idea where both the depreciation figures for Case 6 Autoparts SA come from? I couldnt figure it out and got so pissed off over it i flung my calculator of the wall and smashed it.

Thanks,
Bobby

cian twomey

what are peoples plans study wise for the weekend, I am getting a serious case of cabin fever so thinking of just taking it off and coming back fresh tuesday

The Little Fella

cian twomey wrote: »

what are peoples plans study wise for the weekend, I am getting a serious case of cabin fever so thinking of just taking it off and coming back fresh tuesday

Off to Manchester for the weekend. FAE 2014 can rightly **** off

Mark1916

mark_m360 wrote: »

Anybody looking forward to getting their mock results tomorrow?

Actually can't wait to see what the examiner wrote on my scripts something along the lines of "what the f**k are you on about" will be used pretty often I'd imagine!

myshirt

If you come out in Decile 7 or better, that would indicate you are not doing too bad. Just keep it up, stay with the crowd. And if you got any yellows (or greens) that's great.

It's mostly ladies correcting them I believe.

Dellboy2007

myshirt wrote: »

It's mostly ladies correcting them I believe.

Jesus man, I know I do take this piss on this but you're stuff is comical.

myshirt

Dellboy2007 wrote: »

Jesus man, I know I do take this piss on this but you're stuff is comical.

I've been chilling with Jim Corr too much.

littlemiss123

cian twomey wrote: »

what are peoples plans study wise for the weekend, I am getting a serious case of cabin fever so thinking of just taking it off and coming back fresh tuesday

This is exactly my plan! One last session before I lock the door and throw away the key for 4 weeks! We all deserve a break!

swoggle

What are people doing for management accounting? Is that case study book for mgmt / finance any use?

maninblack

swoggle wrote: »

What are people doing for management accounting? Is that case study book for mgmt / finance any use?

in a word, no.

makes a good coaster though, or a door stop

Nonamerequired

For anyone sitting the audit elective this year the one bit advice I cud give (I got a decile of 1 in fae 2012!) Is take 3 folders, a lot of dividers, sellotape, sizzors and ur book of case study solutions and rip them to shreads... for each ISA u come across in the case cut out and paste a sample solution and read. Draw up ur own quick notes on the isa itself and move on to the next until u have atleast a sample solution for each. If u can identify the given isa in the case then u can quickly flick through ur folder and boom u have a standard solution to base ur answer on.... auditing has to be by the book!! Do Sean Murrays lectures over and over again he will cover double the amount in a hour that u wud do in a day.

Nonamerequired

That mgt acc case book is to advanced and is not useful. Do not waste ur time on it....we were also told that last year by numerous lecturers... if u can get ur hands on drury mgt acc book its great for revising.

kenner24

Well did anyone pass the mocks???? I still dont understand what the decile and sufficiency rankings mean!

bikeman1

Mock results are up!!!!

Well I got:

Core: Decile 5, Sufficiency 9.

Advance Tax: Decile 5, Sufficiency 2.

Yellow in IMP & Audit and Red in the rest.

How did the rest of you do? I am a little surprised, thought I would have done better on FR and not audit! The Elective I hadn't started studying yet, but nearly passed!

The mind is now clearly focused on what needs to be done for the next 30 days.

heathcliff101

How can you see colours for individual subjects? I can only see decile and sufficiency.

kenner24

bikeman1 wrote: »

Mock results are up!!!!

Well I got:

Core: Decile 5, Sufficiency 9.

Advance Tax: Decile 5, Sufficiency 2.

Yellow in IMP & Audit and Red in the rest.

How did the rest of you do? I am a little surprised, thought I would have done better on FR and not audit! The Elective I hadn't started studying yet, but nearly passed!

The mind is now clearly focused on what needs to be done for the next 30 days.

got decile 5 and sufficiency 9 in core with yellow in audit and imp and red in the rest.

Got decile 6 and sufficiency 2 in audit elective.

Failed both overall!

What does the sufficiency mean????

you see the colours by downloading the excel sheet and theyr written as Y for yellow etc so no actual colours (which is a let down)

heathcliff101

Core: Decile Ranking 1, Sufficiency 6
APM: Decile Ranking 1, Sufficiency 1

Yellow in finance, red in everything else.

Worrying that my decile is so high and only passed finance!

FAE14

Core: Decile Ranking 1, Sufficiency 6 FAIL
AAA: Decile Ranking 2, Sufficiency 0 PASS

Yellow in IMP, red in everything else.

Can someone explain the suffiency 0 Concept ?